Project management is an essential part of the business. The software development industry is evolving rapidly and managing the effective start-end process & handling the project after reaching the market is more important than ever. 

According to the PMI, for every 1 billion dollars invested in the US, about 122 million dollars are wasted due to poor project performance.

That is quite a sum to be wasted. There are several factors that affect the project development process. And a failure or setback in any one of those steps can cost you, dear. 

The key is to understand the plausible risks that lie ahead. Knowing what is behind the door is relaxing, you are prepared to face head-on. Following are a few of the things you must be careful about during a software project development. 

Poor Planning

• The initial planning that goes into a development project plays a key role in the project’s final outcome. It can make or break your project. 
• Create a product roadmap, which includes careful research, analysis, and planning.
• The clearer your project path, the easier it will be to guide your project to success.

Deadly Deadlines

• The deadlines can’t be too short or too long. 
• Too short means, it will make it hard or nearly impossible for your teammates to deliver on time. It can even bring down the team’s overall morale, affecting all subsequent work adversely.
• Too long means your project development might lack the seriousness that is required to keep your team motivated. A take-it-easy attitude can creep in, creating a lack of drive to push your project to the completion phase.

Bungled Budgets

• You might have fixed the overall budget for your project. But there is always a chance that it can fluctuate, mostly always it will increase, which will likely lead to client dissatisfaction. 
• As the project progresses, you will most likely see new features and functionalities being added to the software you are trying to develop.
• It might be because of a well-meaning team member who wants to put your best work forward, or a taciturn client, or just plain miscommunication. 
• The extra additions will translate into more billable hours, resulting in disputes between you and the client if they do not approve it first. So make sure you get your consent from your clients with new features and let them decide whether they need it or not. 

Short-sighted Scope

• A short-sighted scope focuses only on the immediate needs of your project. It fails to consider the possibility of more project requirements cropping up as the project moves along. 
• If your project scope did not leave room for additions, it means that your subsequent planning and scheduling also lack buffer room to incorporate the new changes.
• This is something that should be nipped in the bud.

Careless Coding

• Some say code is the heart and soul of Software project development. 
• Your team must take the time to evaluate the project requirements and get an idea of the expected design outcome, or your project could land in real trouble.  
• It doesn’t particularly mean a team will poorly code, it’s just sometimes with rushed deadlines or with some last time addition that can leave errors that can scar your project for life. 
• You can always implement User Acceptance Criteria (UAC) to keep your team on their toes throughout the development process.

Poor Productivity

• No employee can be productive every second of their working hour, of course, unless it is a robot or a machine. But you have to be careful and make sure that it doesn’t become a frequent productivity norm.
• Perhaps some of your teammates are going through a hard time in their life or maybe they are dissatisfied with some aspect of the work or they might simply be tired of all the heavy work they have been doing. 
• You can mitigate this with simple and effective communication. Understand their difficulties and act accordingly. It is your responsibility to keep the morale of your team-high. 

In conclusion, no matter how well you plan, in software prohect development, potential threats to the project delivery will hit you out of the blue. Take the necessary precautions to manage and mitigate the possible risks in a timely manner. 

As the saying goes, Hope for the best and prepare for the worst. 

Reference source

Blog: https://www.neoito.com/blog/manage-software-development-risks/

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